The Australian dollar fell for the second day in a row today as China’s trade data was disappointing yet again. Economic data from Australia itself was positive but was unable to support the currency.
China’s trade surplus fell in November for the fifth straight month as both imports and exports declined. It is a bad sign for Australia as the Asian nation is the major destination for Australian goods. On a positive note, National Australia Bank reported that business confidence improved from +3 to +5 last month.
AUD/USD dropped from 0.7266 to 0.7206 as of 10:41 GMT today. EUR/AUD advanced from 1.4903 to 1.5046.
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